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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Car trade-in when there's a loan?
So DH & I purchased a new ford explorer in December 2015. We put down 10K and financed the rest. Now that we're separating, he doesn't want it and neither do I. We still have a loan out on it.. what are our options? Let's say I don't even want to trade it in.. just get rid of it. Will they give us $$$ above what the loan outstanding is? I feel like they'll just try to screw us and fulfill the outstanding loan balance and not give us any cash back.. Am I right?
ETA: This is assuming the blue book value of the car is more than the loan (which it is, about $7K more I think)
Message edited 6/29/2016 1:10:26 PM.
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Posted 6/29/16 1:08 PM  |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: Car trade-in when there's a loan?
If it's owned (not leased) and if you're not trading-in, they aren't really obligated to take the car back at all. If they did buy it back, they would probably just pay off the loan and that's it. It really depends on the book value. You might have better luck trying to sell privately.
Message edited 6/29/2016 1:29:37 PM.
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| Posted 6/29/16 1:12 PM |
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M514
Hi
Member since 8/10 6011 total posts
Name:
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Car trade-in when there's a loan?
I would just try to sell it privately, considering you bought the car instead of leased.
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| Posted 6/29/16 1:16 PM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Car trade-in when there's a loan?
Yuck, this is so messy. I'm wondering if I'm better off trading it in for a different, cheaper vehicle. Or just taking it and continuing to make the payments. I dunno what to do. 
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| Posted 6/29/16 1:17 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Car trade-in when there's a loan?
You could sell it privately, and use the proceeds to pay off the loan. The car company is under no obligation to buy it back from you. Sorry.
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| Posted 6/29/16 1:28 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Car trade-in when there's a loan?
At my store we purchase cars from people all the time. If the car is worth more then the loan, we pay off the loan and give the customer the difference. Where are you located? If you want PM me with the VIN and options in the car and I can see if its something my store would be interested in purchasing for inventory.
On another note... Sorry to hear about you and your hubby. 
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| Posted 6/29/16 1:29 PM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Car trade-in when there's a loan?
Posted by angelicd77
At my store we purchase cars from people all the time. If the car is worth more then the loan, we pay off the loan and give the customer the difference. Where are you located? If you want PM me with the VIN and options in the car and I can see if its something my store would be interested in purchasing for inventory.
On another note... Sorry to hear about you and your hubby.
Thanks! I FM'd you. :)
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| Posted 6/29/16 1:31 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Car trade-in when there's a loan?
We had a car that we bought November 2014. It started crapping out in July. Toyota refused to do anything or consider it a lemon. We ended up trading it in this past December. We got a more expensive car and they gave us about $3k less than we owed on the car. We gave that as a down payment so it was like we really put 0 down. Our payments are about $130 more than we were paying on the original car.
Message edited 6/29/2016 1:37:15 PM.
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| Posted 6/29/16 1:35 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Car trade-in when there's a loan?
I would try to sell the car privately. I was recently told by two separate car dealerships that selling a car privately will almost always result in a greater profit than a dealer trade in.
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| Posted 6/29/16 11:10 PM |
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